Ethereum Technical Analysis / Crypto Market Analysis

Ethereum Technical Analysis – 19-July-2024

FxNews—Since July 16, the Ethereum price has traded sideways between the immediate support level of $3,390 and the immediate resistance level of $3,528. As of writing, the ETH/USD pair trades at about $3,450, bouncing from the %50 Fibonacci level and the ascending trendline.

The 4-hour chart below demonstrates the price, key support and resistance levels, and the technical indicators utilized in today’s analysis.

The primary trend is bullish because the price of this cryptocurrency is above the 50 and 100-period simple moving average. That said, other technical indicators give mixed signals, which indicates a sideways market.

The awesome oscillator bars are red, nearing the signal line, meaning the bull market is losing momentum.
The relative strength index value is 60, hovering above the median line. This development in the RSI 14 signifies that the bull market is strengthening.
The stochastic oscillator value is declining with the %K value at about 31, suggesting the market is not oversold and the price might dip.

Ethereum Price Forecast – 19-July-2024

The key resistance level that kept the price from dipping is the %50 Fibonacci level, $3,390. Currently, the bulls (buyers) are closing the price above the median line of the Donchian channel, signaling that the price could rise further. That said, with the ETH/USD price above $3,390, the next bullish target could be July’s all-time high at $3,529.

Furthermore, if the buying pressure exceeds $3,529, the following key barrier will be the June 17 high at $$3,626.

Please note that the bull market should be considered invalid if the ETH/USD price dips below the %50 Fibonacci level at $3,390.

ETH/USD Bearish Scenario

The 50% Fibonacci plays the pivot between the bull market and the bear market. If the sellers (bears) close the price below $3,390, the next support level that the bears will likely reach is the 50-simple moving average, followed by the 38.2% Fibonacci at $3,253.

Furthermore, if the selling pressure exceeds $3,253, the dip could extend to the 100-period simple moving average at $3,185.

ETH/USD Key Levels – 19-July-2024

Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.

Support: $3,390 / $3,253 / $3,185
Resistance: $3,528 / $3,626

Disclaimer: This technical analysis is for informational purposes only. Past performance is not necessarily indicative of future results. Foreign exchange trading carries significant risks and may not be suitable for all investors. Always conduct your research before making any investment decisions.